A First-Hand Account Of The Greek Bank Run
Submitted by Tom Winnifrith of Share Prophets Witnessing the great bank run first hand as I deposit money in Greece Jim Mellon says that the Greeks should build a statue in my honour as on Friday I...
View ArticleThis Is What Capital Controls Will Look Like In Greece
Yanis Varoufakis says he got the shakedown from EU creditors during his first few days in office. The Greek FinMin told Parapolitika Radio that during his first week on the job, creditors threatened...
View ArticleGreek Banks On Verge Of Total Collapse: Bank Run Surges “Massively” As...
While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or...
View ArticleGreek Economy In “Doomsday” Tailspin: 59 Businesses, 613 Jobs Lost Each Day,...
While the Greek government has wasted the past 4 months experiment with game (and hope) theory-based negotiations with the Troika, debating what reforms it should implement, what the budget surplus...
View ArticleOne Week After “Massive” Outflow, Greek Depositors Yank Another €600 Million...
One week ago we reported that, according to Greek sources, Greece had suffered a “massive” deposit outflow to the tune of €700 million just last Friday, culminating a week of €3.4 billion in total...
View ArticleThe Question Is Not Is Deutsche Bank the Next Lehman, It’s “Is Lehman the...
So,Tyler just ran an interesting piece titled “Is Deutsche Bank The Next Lehman?” There is one correction that needs to be made where Tyler says “Probably the first public indication that things were...
View ArticleAs “Options Run Out”, This Is What Greek Capital Controls Would Look Like
In what is being billed as a “last ditch” effort to secure an agreement with creditors, Greece’s negotiating team is in Brussels this weekend, where the focus is on crafting some kind of mutually...
View ArticleWill The ECB Finally Use The Greek “Nuclear Option” This Wednesdsay?
This was not supposed to happen: by now the Greek insolvency “can” should have been kicked, and the Greek government, realizing the money has run out for both the government and the banking system,...
View Article“Lehman Weekend” Looms For Greece As Europe Readies “Emergency” Sunday Meeting
Last week, Greek PM Alexis Tsipras submitted two three-page proposals that were ostensibly designed to close the gap with creditors. EU officials were incredulous, calling the drafts “not serious.”...
View ArticleJPM’s Walk Through What Greek Capital Controls Would Look Like
Once upon a time, merely suggesting that a Eurozone country may be kicked out, let alone suffer capital controls, was enough to get one sued by the Hague for crimes against humanity, if not outright...
View Article“Calm Reigns” Everywhere As Greece Inches Closer To Default, China Crashes
In what is perhaps the most glaring instance of central bank intervention yet, Reuters today captured the market mood as follows: “Calm ruled Europe’s stock and currency markets on Friday as Greece...
View ArticleTroika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking...
As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday’s Eurogroup meeting in Luxembourg. Varoufakis warned his counterparts that Europe was very...
View ArticleECB Gives Greek Banks Barely Enough Cash To Cover One Day’s Bank Run
Yesterday evening, after what had been a dramatic surge in the Greek bank run which has resulted in over €3 billion in cash withdrawn through Thursday night, the Greek central bank requested an...
View Article“Bank Holiday” Preparations Begin In Greece, Lines Form At Athens ATMs
The writing has been on the wall for quite sometime. Deposit flight from Greece’s ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts...
View ArticleSigns Of Financial Turmoil In Europe, China And The United States
As we move toward the second half of 2015, signs of financial turmoil are appearing all over the globe. In Greece, a full blown bank run is happening right now. Approximately 2 billion euros were...
View ArticleSigns Of Financial Turmoil Are Brewing In Europe, China And The United States
Submitted by Michael Snyder via The Economic Collapse blog, As we move toward the second half of 2015, signs of financial turmoil are appearing all over the globe. In Greece, a full blown bank run is...
View ArticleStocks Soar, Germany’s Dax Set For Biggest Gain In Three Years On Greek Deal...
We will start Monday’s market wrap with the same reasoning we gave why on Friday everything started off neon green: In what is perhaps the most glaring instance of central bank intervention yet,...
View ArticleCaught On Camera: A Greek ATM Gets A Refill
Over the weekend, JPM made it clear that absent some deal (or at least framework thereof since optimism for a deal today just crashed) being finalized today, Tuesday could be a very difficult day for...
View ArticleFor The First Time Ever, Total ECB Claims On Greek Banks Surpass Total Greek...
If it seems like it was only yesterday (in trading days) when the ECB boosted its latest Greek ELA by €1.8 billion to a record high €85.9 billion, it’s because it was. Fast forward to Monday morning,...
View ArticleChina Soars 7% Off The Lows, Global Stocks Continue Rising On Ongoing “Greek...
Before taking a look at Europe, an update on China. Just a few short hours ago, when looking at the bursting of the Chinese bubble where stocks were down between 3% and 5% across the board in the first...
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